Tournigan Completes Sale of U.S. Uranium Properties
March 02 2009 - 8:30AM
Marketwired
Tournigan Energy Ltd. (TSX-V: TVC) (FRANKFURT: TGP) has closed the
transaction announced on October 2, 2008 with Fischer-Watt Gold
Company, Inc. ("Fischer-Watt") whereby Fischer-Watt acquired
Tournigan USA Inc. ("TUSA") for certain deferred cash payments.
"The sale of TUSA was a key step in renewing Tournigan's focus
on our European properties," said Dorian L. (Dusty) Nicol,
Tournigan's president and CEO. "This transaction allows us to
dedicate our resources to advancing the Kuriskova uranium deposit
and our other Slovakia properties but still preserves upside in the
U.S. uranium properties for Tournigan shareholders."
Under the terms of the agreement, Tournigan will keep a 30%
carried interest in each TUSA property up to the completion of a
feasibility study for any project encompassing any such property (a
"Project"). Upon completion of a feasibility study, the Company's
carried interest in respect of such property will convert into a
30% working interest in the Project or the Company will have the
option to dilute down to a 5% net profits interest. Fischer-Watt
delivered to the Company a promissory note in the amount of
US$325,327, including the closing date working capital adjustment
(the "Promissory Note"). Fischer-Watt will secure the release of
TUSA's reclamation bonds and reimburse the Company the amount of
US$930,000 less any applicable reclamation costs (the "Reclamation
Receivable"). The Reclamation Receivable is expected to be in the
amount of approximately US$875,000. Both the Promissory Note and
the Reclamation Receivable are unsecured, non-interest-bearing and
due August 31, 2009. Fischer-Watt is a Nevada-incorporated mineral
exploration and development company with an existing gold property
in Arizona. The Chairman, President and CEO of Fischer-Watt is Mr.
Peter Bojtos, who is a director of the Company. The TSX-V has
approved this related party transaction.
About Tournigan Energy Ltd.
Tournigan Energy is a uranium and gold exploration and
development company that has built a portfolio of highly
prospective assets in Europe. The company has focused its
development and obtained licences in Slovakia, a member of the
European Union since 2004. Slovakia is economically and politically
stable, has excellent infrastructure, an educated population and,
as of January 1, 2009, has adopted the Euro currency. Tournigan
Energy is committed to safe and sustainable exploration and mine
development in Slovakia and its other operational
jurisdictions.
TOURNIGAN ENERGY LTD.
"Dusty Nicol"
Dorian L. (Dusty) Nicol, President and CEO
Forward-looking statements: Certain of the statements made
herein, including any information as to the Company's future
financial or operating performance, may be forward-looking and
subject to important risk factors and uncertainties, many of which
are beyond the Corporation's ability to control or predict.
Accordingly, readers should not place undue reliance on
forward-looking statements. The Company undertakes no obligation to
update publicly or release any revisions to forward-looking
statements to reflect events or circumstances after the date of
this document or to reflect the occurrence of unanticipated
events.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Distributed by Filing Services Canada and retransmitted by
Marketwire
For further information please contact: Knox Henderson Tournigan
Energy Investor Relations (604) 683-8320 www.tournigan.com
Tournigan Energy Ltd. Unit 1 - 15782 Marine Drive, White Rock, BC
Canada V4B 1E6 Email: Email Contact
Three Valley Copper (TSXV:TVC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Three Valley Copper (TSXV:TVC)
Historical Stock Chart
From Jul 2023 to Jul 2024